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WindowMaster International A/S logo

WindowMaster International A/S

WMA.CO
41
Construction · Industrials
Price
kr 835.00
-20.00 (-2.34%)
Market Cap
kr 123.1M
Exchange
NASDAQ Copenhagen
Winston Score
41
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Jul 26, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+5.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 145K (2021) → 153K (2025)

WindowMaster International A/S is a Danish company that makes automated window and ventilation control systems for buildings. Its products include motors, sensors, and control units that open and close windows automatically to manage airflow, temperature, and smoke ventilation. The main customers are architects, building contractors, and facility managers working on commercial and public buildings like offices, schools, and hospitals.

The company earns money by selling hardware systems and related software, often bundled with installation and service support. WindowMaster operates primarily in Europe, with Denmark as its home base, and generates roughly $50–60 million in annual revenue. Its competitive edge comes from specialized expertise in natural ventilation and smoke control, which involves meeting strict building safety regulations — a barrier that keeps out casual competitors. The key risk is its thin operating margin, which leaves little room for error if construction markets slow down or raw material costs rise.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-6.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-89.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$3M/ year

Flat (-0% vs prior year)

1.2% of revenue

Below sector average (4%)

Steady R&D investment year-over-year

Insider Activity

61.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$8M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

WindowMaster International A/S's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
26.8%
Modest — 26.8% gross margin
Operating Margin
10.8%
Modest — 10.8% operating margin
ROCE
21.0%
Exceptional — 21.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY
-8.8%
Shrinking sales (-8.8% YoY)
EPS YoY
-170.5%
Earnings shrinking (-170.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
3274%
Turns 3274% of profit into real cash
FCF Margin
10.0%
Modest free cash flow (10.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
1.28
Elevated debt (1.28)
Interest Cover
1.10x
Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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